score bump when new account hits one year?

[Anonymous]

to make a long story short:

4 years ago i went through a tough period and defaulted on several cards.

4 cards were settled at less then the full balance and one small paid judgement.

I currently have one card from chase on which I am the primary opened in 7/13 and a bunch of AU cards from my wife.

Equifax is now at 710 and transunion in above 720.

The chase card is currently the only OPEN account on which I am the primary card holder.

I am looking to get a mortgage at some point this summer and am hoping to get the equifax number above 720.

Does anyone have any idea if I should expect to see a bump when this account ages one year? Will it age once I hit July, or Aug?

I am currently at 1% utilization and have gotten as much as I can removed from my report.

I am grasping at anything I can to try to bump up my middle score 10 points or so.

Thanks everyone for any help

[Anonymous]

Here are a couple of comments.

1.  You might look at the AU angle, and ask to what degree the AU accounts are helping or hurting you.  There are various threads around here where people have raised this issue.  AUs can help you, but also can be a millstone around your neck.

2.  Would you be better off deferring the mortgage for a while, and in the meantime adding a couple more of your own accounts?  Some mortgage lenders like to see several revolving accounts, and it might be worth checking into this angle.

[Anonymous]

Thank you for your reply

Unforunately, its a condo building currently under construction in New York where it is hard to find anything these days.

I will have to be able to close as soon as they finish sometime later this summer.

I am already an AU on 3 of wife's accounts which are in perfect standing.